Elizabeth, West Virginia Property Taxes
The median property tax rate in Elizabeth, WV is 0.75%, which is lower than both the national median of 0.99% and the West Virginia state median of 0.72%. With the median home value in Elizabeth at $75,400, the typical annual property tax bill is $489, significantly below the national median of $2,690. Property taxes in Elizabeth are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Elizabeth's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Elizabeth or another part of Jackson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elizabeth, West Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,440
Ownwell’s Elizabeth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elizabeth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elizabeth to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Elizabeth, West Virginia
Property taxes in Elizabeth, West Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elizabeth is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Elizabeth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elizabeth estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Elizabeth's effective property tax rate to other counties in West Virginia and the national median. For comparison, the 26143 zip code has both the highest and lowest median property tax rate in the region, standing at 0.75%. Understanding how these cities compare with Elizabeth provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elizabeth Tax Rate
0.75%
Average Jackson County Tax Rate
0.75%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elizabeth, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26143 | 0.29% | 0.42% | 0.75% | 0.75% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Elizabeth, West Virginia
In Elizabeth, West Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Elizabeth, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Elizabeth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Jackson County are both $489.00, specifically in the 26143 zip code.
Average Elizabeth Assessed Value
$75,400
Average Jackson County Assessed Value
$84,500
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elizabeth, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26143 | $23,720 | $37,300 | $75,400 | $125,400 | $169,100 |
Source: Ownwell
Property Tax Bills Across Elizabeth, West Virginia
In Elizabeth, WV, located in Jackson County, property tax bills are calculated based on the assessed value of the home. The median home price in this area is $75,400. Property taxes are determined by multiplying the assessed value by the local tax rate. The national median property tax rate is 0.99%, but local rates can vary. Factors considered in calculating the tax bill include the home's assessed value, which is often a percentage of its market value, and any applicable exemptions or deductions. For instance, the tax bill for the 25th percentile is $253, while for the 75th percentile, it's $892, and for the 90th percentile, it reaches $1,331. These figures give a range of what homeowners might expect to pay annually. Higher property taxes can affect homeowners by increasing their monthly mortgage payments if the taxes are escrowed, or by requiring a lump sum payment annually. Understanding these factors can help homeowners budget more effectively and anticipate their financial obligations.
Average Elizabeth Tax Bill
$489
Average Jackson County Tax Bill
$636
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Elizabeth, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26143 | $129 | $253 | $489 | $892 | $1,331 |
Source: Ownwell